Prices for soybean futures have fallen to 23-year lows at the prospect of a bumper harvest in South America and cheaper exports after Brazil devalued the real last month.

Two cargoes of South American soybeans for April/May shipment were heard sold to China, one trader said.

The price of South American soybeans for April/May shipment was $191 a tonne C&F China and $200 a tonne C&F China for US soybeans for March.

China's domestic soybean price was steady at 2,000 to 2,100 yuan per tonne, traders said. China's interest was also focused on rapeseed because of price declines for the seeds and the attractiveness of prices for oil crushed from seeds.

"I am seeing more inquiries for rapeseed than for soybeans. The (rapeseed) price is down $40 and domestic oil prices are high compared to international prices," a trader said.

Rapeseed from Europe for April/May was quoted at $230 a tonne C&F China. Old-crop rapeseed was $260 a tonne C&F China.

Canadian canola prices have fallen sharply along with U.S. soybeans in recent days, hurt by a severe decline in vegetable oil prices globally, agricultural analysts have said.

Low international oil prices and a high domestic oil price could encourage rapeseed buying by China, a trader said. Domestic vegetable oil was quoted around 6,800 yuan ($819) a tonne while imported soyoil was about $460 a tonne C&F China.

Traders said in January China was likely to issue licences to state trading firms to import 150,000 tonnes of soyoil, but a Chinese trader said he had not seen any buying yet.

China was not showing any interest in buying soymeal at the present time as international and domestic prices were about the same, traders said.

"There is not a good profit margin on new imports," a trader said. The threat of a 13 per cent value added tax on soymeal imports, which China was expected to impose, was also discouraging buying, traders said. They said they were awaiting official word regarding a VAT on soymeal.

Indian soymeal for March was quoted at $150 a tonne C&F China, South American soymeal was $150 a tonne for April and US low protein soymeal was $165 a tonne for March.